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  • Bringing Back Glass-Steagall: Will Trump break up the big banks?

    MONEY CNN- Wall Street stalwart JPMorgan Chase CEO Jamie Dimon is heading to Washington on Friday to meet with President Trump. It will be Dimon’s first meeting with Trump as part of the president’s CEO advisory group. The summit is likely to feature lots of talk about slashing burdensome regulation, including on banks. Trump just […]

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  • Trial ends for foreclosure law firm accused of conspiring to inflate prices

    ABAJOURNAL- A lawyer for the state of Colorado argued last week that Colorado’s largest foreclosure law firm conspired with competitors and related businesses to fix prices and maximize profits. The Denver-based Castle Law Group, along with the husband and wife team who ran it, are facing a civil suit that claims the law firm made […]

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  • Wall Street believes a myth about Donald Trump’s presidency. It will face a rude awakening.

    WAPO- The market can remain irrational longer than you can explain that President Donald Trump is going to have a hard time keeping his economic promises. It’s not quite as catchy, but it’s probably what John Maynard Keynes would have to say about the Dow’s run-up in response to the election if he were around […]

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  • The Coming Trump Financial Crash

    HuffPO- If the Trump administration does just half of what it says it’s going to do in economic policy and financial regulation, another financial crash is almost certain and sooner rather than later. Worse yet, if they do that, the next crash will be much worse than the last one. Why another crash? Because it […]

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  • CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme

    Real Estate Brokers and Mortgage Servicer That Took Kickbacks from Prospect Also Ordered to Pay $495,000 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and […]

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  • Remember Robo-Signing at Banks? Neither Does Mnuchin

    Bloomberg View- The question could not have been more straightforward: During the foreclosure crisis that began after the housing bubble burst, did OneWest Bank engage in the illegal practice of “robo-signing” to speed foreclosures of homeowners? OneWest was formerly known as Indy Mac, the troubled thrift taken over by the federal government and sold to […]

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  • The Goldman Sachs Effect: How a Bank Conquered Washington

    Truth Out- Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished — but […]

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  • Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show

    Dispatch- President Donald Trump’s nominee for U.S. treasury secretary was untruthful with the Senate during the confirmation process, documents uncovered by The Dispatch show. Steve Mnuchin, former chairman and chief executive officer of OneWest Bank, known for its aggressive foreclosure practices, flatly denied in testimony before the Senate Finance Committee that OneWest used “robo-signing” on […]

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  • Wells Fargo Complaints Vanish From Labor Department Website

    HuffPO- In the latest example of an apparent information purge by the Trump administration, bank employee complaints against Wells Fargo have vanished from the federal Department of Labor’s website. The entire page established to help protect whistleblowers and collect complaints against the bank has been “disappeared.” The page was created in September when the Labor Department […]

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  • Jamie Dimon takes White House meeting

    The Hill- Jamie Dimon, chief executive of JPMorgan Chase, was spotted Friday taking a meeting at the White House. Dimon was seen leaving the West Wing by reporters Friday afternoon. He told the press that he had been meeting with Gary Cohn, who had just become head of President Trump’s National Economic Council after leaving […]

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  • A Citigroup Lawyer Helped Trump Pick Bank Regulators, Then Returned To Work At The Bank

    A “coup for Citi and catastrophe for consumers,” a transparency advocate said. Huffington Post- Sometimes the revolving door spins fast. Before President Donald Trump was inaugurated, Julie Lindsay, a top lawyer at Citigroup, was working for the president-elect to fill key posts at agencies that are supposed to oversee banks — including the Consumer Financial […]

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  • Wilbur Ross was accused of making two suspiciously timed trades while serving on the board of an embattled mortgage company

    Mother Jones- Wilbur Ross, Donald Trump’s pick for commerce secretary, is a legendary corporate raider who made billions of dollars buying failing companies and flipping them for a profit. But as he built his $2.5 billion fortune, Ross and his private equity firm, WL Ross & Co., have faced several lawsuits and regulatory actions accusing […]

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  • Government’s Fannie Mae will back PE giant Blackstone’s rental homes debt

    CNBC- Mortgage giant Fannie Mae is getting into the single-family rental business in a big way. The government-backed agency said it is going into business with private equity giant and major housing player Blackstone by backing $1 billion in debt. Blackstone’s Invitation Homes filed for an initial public offering this week, and the Fannie Mae […]

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  • Mnuchin Lied About His Bank’s History of Robo-Signing Foreclosure Documents

    Intercept- TREASURY SECRETARY NOMINEE Steven Mnuchin lied in his written responses to the Senate Finance Committee, claiming that “OneWest Bank did not ‘robo-sign’ documents,” when ample evidence proves that they did. Mnuchin ran OneWest Bank from 2009 to 2015 in a manner so ruthless to mortgage holders that he has been dubbed the “Foreclosure King” […]

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  • Federal Banking Agencies Fine ServiceLink Holdings $65 Million For Improper Actions By Lender Processing Services, Inc. (LPS) Deficiencies

    Fine related to 2011’s industry-wide foreclosure settlement HW- In 2011, Lender Processing Services was part of a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash. That settlement stemmed from document missteps in the third-party foreclosure process at some very large banks and mortgage servicers in the aftermath of […]

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  • Fla. Court Holds Payment Statement Sent After Consent Foreclosure Violated FCCPA, Rejects ‘Competent Attorney’ Standard

    Lexology- The Appellate Division of the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida recently reversed summary judgment in favor of a mortgage loan servicer in a case filed by a borrower under the Florida Consumer Collections Practices Act (FCCPA), holding that: (a) the account statement at issue improperly […]

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  • Credit Suisse Agrees to Pay $5.28 Billion in Connection with its Sale of Residential Mortgage-Backed Securities

    The Justice Department announced today a $5.28 billion settlement with Credit Suisse related to Credit Suisse’s conduct in the packaging, securitization, issuance, marketing and sale of residential mortgage-backed securities (RMBS) between 2005 and 2007.  The resolution announced today requires Credit Suisse to pay $2.48 billion as a civil penalty under the Financial Institutions Reform, Recovery […]

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  • Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit

    Reuters- A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG (DBKGn.DE) liable to investors, including dozens of portfolios from BlackRock Inc (BLK.N) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities. The proposed class-action lawsuit sought to recover “significant monetary damages” arising […]

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  • SCOTUS to Decide Whether Entity is FDCPA ‘Debt Collector’ Merely Because It Purchases Defaulted Debt

    Lexology- The Supreme Court of the United States recently decided that it will review the decision of the U.S. Court of Appeals for the Fourth Circuit in Henson v. Santander Consumer USA, Inc. As you may recall from our prior update, the U.S. Court of Appeals for the Fourth Circuit held that the fact that […]

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  • CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

    Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork JAN 23, 2017 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark […]

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  • JPMorgan hikes Jamie Dimon’s pay to $28 million

    Business Insider- His package includes a base salary of $1.5 million as well as cash and stock-related instruments that are tied to Dimon’s performance, the filing with the U.S. Securities and Exchange Commission said. The bank on Friday January 13 reported Q4 earnings, which beat analysts’ expectations and marked a record-breaking quarter. “2016 demonstrated the strength […]

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  • How Deutsche Bank Made a $462 Million Loss Disappear

    A dubious trade leads to a criminal trial for Europe’s most important bank. Bloomberg- On Dec. 1, 2008, most of the world’s banks were still panicking through the financial crisis. Lehman Brothers had collapsed. Merrill Lynch had been sold. Citigroup and others had required multibillion-dollar bailouts to survive. But not every institution appeared to be […]

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  • Deutsche Bank Now Has — Count ’Em — Five Outside Monitors

    Bloomberg Law Business- Banks that settle government investigations often receive an outside monitor to ensure that they make good on their promises to reform. Deutsche Bank AG now has five. To resolve the Justice Department’s investigation over its mortgage-backed securities business, the bank agreed Tuesday to a $7.2 billion penalty, more than half of which will provide […]

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  • Brown asks for FBI files tied to Mnuchin company

    The Hill- A top Senate Democrat is pressing the FBI for any information it may have about a possible probe into a film production company with deep ties to President-elect Donald Trump’s pick to head the Treasury Department. After a public records request indicated that there could be “enforcement proceedings” involving the company Relativity Media, […]

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  • NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

    HW- New York Attorney General Eric Schneiderman is investigating practices related to the servicing of reverse mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage, as the state further heightens its recent focus on reverse mortgages, an article in The Wall Street Journal by Annamaria Andriotis […]

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  • Supreme Court limits Fannie Mae’s ability to take cases to federal court

    HousingWire- In a unanimous opinion handed down Wednesday, the Supreme Court limited Fannie Mae’s ability to transfer cases to federal court, ruling that the government-sponsored enterprise’s charter does not grant it the right to move all state cases to the federal level. The decision, written by Justice Sonia Sotomayor, overturns a lower court’s ruling, which […]

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  • JPMorgan pays $55M to settle mortgage discrimination lawsuit

    USA Today- JPMorgan Chase agreed to a settlement with the U.S. government over allegations that it discriminated against “thousands” of black, Hispanic mortgage borrowers from 2006 through 2009. The bank’s independent brokers charged minority borrowers higher mortgage interest rates and fees during that period, compared to “similarly situated white borrowers,” according to a government lawsuit filed […]

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  • U.S. sues JPMorgan for alleged mortgage discrimination

    Reuters- The United States on Wednesday sued JPMorgan Chase & Co, accusing the bank of discriminating against minority borrowers by charging them higher rates and fees on home mortgage loans between 2006 and at least 2009. Filed in a Manhattan federal court, the government’s complaint accused the bank of violating the U.S. Fair Housing Act […]

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  • How Barack Obama paved the way for Donald Trump

    The Guardian- To celebrate its 225th anniversary, the US Mint and Treasury last week unveiled plans to issue a 24-carat commemorative coin depicting Lady Liberty as an African-American woman. With full lips and braided hair tied back in a bun, her gold-embossed profile is framed by the words “LIBERTY” above and “In God We Trust” […]

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  • Deutsche Bank agrees to pay $7.2 billion in settlement over misconduct in mortgage securities

    CNBC- Deutsche Bank agreed on Tuesday to pay $7.2 billion for misleading investors in its sale of residential mortgage-backed securities, among the largest resolutions of its kind. The U.S. Justice Department said the settlement requires Germany’s largest lender to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act. It […]

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  • Dems push for outside witnesses at Mnuchin hearing

    The Hill- Senate Democrats are pushing to allow families impacted by the business practices of President-elect Donald Trump‘s Treasury secretary nominee to testify at his confirmation hearing. A group of 25 Senate Democrats sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-Utah) on Friday requesting the testimony at the hearing for Treasury secretary […]

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  • 11th Circ. Revives Suit Alleging JPMorgan Aided $1.3M Scam

    Law 360- The Eleventh Circuit on Friday revived a Florida man’s suit accusing JPMorgan Chase of helping a fraudster siphon $1.3 million of his money out of a Chase account, ruling the man had presented sufficient evidence that bank employees knew a scam was underway. In a 19-page, unpublished opinion, a three-judge panel reversed U.S. District Judge […]

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  • Justice Department and State Partners Secure Nearly $864 Million Settlement With Moody’s Arising From Conduct in the Lead up to the Financial Crisis

    Justice Department and State Partners Secure Nearly $864 Million Settlement With Moody’s Arising From Conduct in the Lead up to the Financial Crisis Settlement Involves Significant Commitment by Moody’s to Improve Business Practices The Department of Justice, 21 states, and the District of Columbia reached a nearly $864 million settlement agreement with Moody’s Investors Service […]

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  • Wall Street’s Win-Win With Trump

    Truth-Out During the 2016 campaign, pundits claimed that Donald Trump’s proposed economic policies would bring the end of the world as we know it. Moody’s Analytics predicted his plans, particularly those involving trade and the budget deficit, could trigger a severe recession. Others asserted that Trump’s election would cause a severe stock market selloff. The Wall Street […]

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  • Morgan Stanley Paying $13 Million Penalty for Overbilling Clients and Violating Custody Rule

    FOR IMMEDIATE RELEASE 2017-12 Washington D.C., Jan. 13, 2017 —The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney has agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors.  The firm also violated the custody rule pertaining to […]

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  • JPMorgan and Bank of America Drop Huge Clues U.S. Housing Recovery Is in Trouble

    The Street- It doesn’t look like higher mortgage rates, which came about following Donald Trump’s presidential election win in November and the Federal Reserve’s rate hike in December, totally ruined the appetites of people looking to purchase homes in the fourth quarter. Bank of America (BAC) reported Friday that total mortgage production volume — which includes a […]

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  • Democrats can’t win until they recognize how bad Obama’s financial policies were

    WAPO- During his final news conference of 2016, in mid-December, President Obama criticized Democratic efforts during the election. “Where Democrats are characterized as coastal, liberal, latte-sipping, you know, politically correct, out-of-touch folks,” Obama said, “we have to be in those communities.” In fact, he went on, being in those communities — “going to fish-fries and sitting in […]

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  • MERS, MERSCORP’s Morgan, Lewis & Bockius is Part of Trump’s Transition Team!

      As well as represents Trump Foundation…and just last year it was named Russia Law Firm of the Year! National Law Journal- The Trump camp continues to draw DOJ transition officials from the nation’s largest law firms. The newest members are McGuireWoods partner J. Patrick Rowan, the former head of the National Security Division; Morgan, Lewis […]

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  • HSBC Pays $32.5 Million to Settle Claims on Faulty Foreclosures

    Bloomberg- HSBC Holdings Plc will pay $32.5 million to settle claims that it failed to follow a U.S. regulator’s orders to improve mortgage foreclosure practices that led to borrowers being harmed after the 2008 credit crisis. The Office of the Comptroller of the Currency levied the fine after concluding that HSBC is now in compliance […]

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  • Wall Street hates the Volcker Rule. Will Trump finally kill it?

    NBC-2 Big banks shouldn’t act like hedge funds by making dangerous bets that can ruin the economy. That’s the principle behind the Volcker Rule, a controversial part of the post-crisis Wall Street reform. The rule prohibits banks like Goldman Sachs or JPMorgan from making risky wagers with their own money and bans them owning big […]

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  • Gov. Cuomo proposes plan to ban bankers with ‘unacceptable behavior’ in New York

    NY Daily News- The state would be able to ban bad actors from the financial services industry under a proposal Gov. Cuomo announced Sunday. The plan, which Cuomo will discuss in his State of the State speeches this week, is meant to beef up New York’s powers to crack down on shady bankers like those […]

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  • Rep. Maxine Waters Calls for HUD, DOJ to Release OneWest Investigation Documents

    Washington, DC, January 9, 2017 Following her statement denouncing President-elect Trump’s nomination of Steve Mnuchin as Treasury Secretary, Congresswoman Maxine Waters (D-CA) called on the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) to immediately release documents pertaining to investigations into any fraudulent or discriminatory activities committed by Mnuchin’s bank, […]

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  • Top House Dem calls on feds to release Mnuchin investigation documents

    The Hill- The top Democrat on the House Financial Services Committee is asking federal agencies to release documents from any investigations into President-elect Donald Trump’s nominee for Treasury Secretary. Rep. Maxine Waters (D-Calif.) in a letter released Monday asked the Department of Justice and the Department of Housing and Urban Development (HUD) to release materials […]

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  • Kamala Harris Fails to Explain Why She Didn’t Prosecute Steven Mnuchin’s Bank

    The Intercept- FORMER CALIFORNIA ATTORNEY General Kamala Harris on Wednesday vaguely acknowledged The Intercept’s report about her declining to prosecute Steven Mnuchin’s OneWest Bank for foreclosure violations in 2013, but offered no explanation. “It’s a decision my office made,” she said, in response to questions from The Hill shortly after being sworn in as California’s […]

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  • 4 Facts About Covington & Burling, Eric Holder’s Law Firm Poised to Fight Trump

    Breibart- Now that legislative leaders in California have hired law firm Covington & Burling and Eric Holder to offer legal counsel to the state during Donald Trump’s presidency, it is worth noting a few facts about the high-profile firm the former attorney general helps lead. continue reading BREITBART

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  • Donald Trump is going to appoint Pam Bondi, who got an illegal payment from the Trump Foundation, to a White House spot

    The Trump Foundation is under investigation in part because of an illegal contribution it made to Pam Bondi Salon- It is now being reported that Florida Attorney General Pam Bondi, a member of Donald Trump’s transition team who has a history with the president-elect, is being considered for an appointment in the Trump White House. When the […]

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  • Trump picks Wall Street lawyer Jay Clayton to lead SEC

    CNN- President-elect Donald Trump’s choice to be the next top cop of Wall Street is Jay Clayton, an elite lawyer who has defended big banks for their financial crisis-era misbehavior. Trump announced his SEC pick on Wednesday and explained that Clayton’s background as a Wall Street lawyer will help unleash the “job-creating power” of the […]

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  • Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo

    The Intercept- ONEWEST BANK, WHICH Donald Trump’s nominee for treasury secretary, Steven Mnuchin, ran from 2009 to 2015, repeatedly broke California’s foreclosure laws during that period, according to a previously undisclosed 2013 memo from top prosecutors in the state attorney general’s office. The memo obtained by The Intercept alleges that OneWest rushed delinquent homeowners out […]

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  • Justice Department Reaches Settlement with Ohio-Based Banks to Resolve Allegations of Lending Discrimination

    Justice Department Reaches Settlement with Ohio-Based Banks to Resolve Allegations of Lending Discrimination Settlement Provides $9 Million to Ensure Equal Lending Services to African-American Communities in Ohio and Indiana The Justice Department filed a consent order today to resolve allegations that Union Savings Bank and Guardian Savings Bank engaged in a pattern or practice of […]

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  • Trump’s Financial Deregulation Might Be Bad News for Banks After All

    WSJ- Bank stocks have surged since the election on hopes that President-elect Donald Trump will roll back financial rules. But deregulation, for the biggest institutions at least, might come with a catch: tougher limits on borrowing. Some influential voices in Mr. Trump’s world insist banks should, as a quid pro quo for rolling back some […]

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  • Fidelity National Unit Said to Near Settlement Over Robo-Signing

    Regulators seeking $65 million in discussions with former LPS LPS was acquired during five-year talks over foreclosure flaws Bloomberg- A Fidelity National Financial Inc. subsidiary is in final talks to pay as much as $65 million to resolve U.S. government accusations that it contributed to improper and fraudulent foreclosures after the 2008 credit crisis, according […]

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  • Wells Fargo Is Trying to Fix Its Rogue Account Scandal, One Grueling Case At a Time

    The bank said it will compensate thousands of customers with unwanted accounts and cards; how do you calculate cost of a damaged credit score? WSJ- Aaron Brodie has been dogged by poor credit for five years, the result, he said, of a Wells Fargo & Co. banker giving him a credit card he didn’t ask for. Hearing […]

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  • Prosecutor to investigate Trump-related complaint against Florida AG Pam Bondi

    First Coast News- Gov. Rick Scott has assigned a complaint filed against Attorney General Pam Bondi to a prosecutor in southwest Florida. The complaint stems from scrutiny this year over a $25,000 campaign contribution Bondi received from President-elect Donald Trump in 2013. Bondi asked for the donation around the same time her office was being […]

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  • Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes

    When Steven Mnuchin ran OneWest, the bank aggressively and in some cases, wrongly, foreclosed on elderly homeowners with reverse mortgages. The bank had a disproportionate share of such foreclosures.   Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes by Paul Kiel and Jesse Eisinger ProPublica, Dec. 27, 2016, 8 a.m. In […]

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  • How Deutsche’s big bet on Wall Street turned toxic

    REUTERS- Deutsche Bank’s pursuit of success on Wall Street has come at a high price, a $7 billion plus penalty illustrating the extent of its decline since 2008 when its then chief executive claimed it was one of the “strongest banks in the world”. Expanding from its roots in Germany dating back to 1870, Deutsche […]

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  • Embattled JPMorgan Chase CEO uses Detroit as backdrop in Bloomberg puff-piece

    Metro Times- What does an embattled CEO of a multinational bank do when he needs his image refurbished? Why, sit down for a nice fireside chat with Bloomberg Businessweek, of course — using Detroit “the comeback city” as a backdrop. On Thursday morning, the weekly business magazine posted a sprawling, puffy Q&A with Jamie Dimon, CEO of JPMorgan […]

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  • Spanish Banks Ordered to Repay Billions to Mortgage Borrowers

    A full reimbursement for clients who had ‘mortgage floors’ could cost banks billions in back payments WSJ- Spanish lenders might have to pay billions of euros back to borrowers after the European Union’s top court Wednesday ruled against the banks in a dispute over variable-rate mortgages. The European Court of Justice ruled that borrowers in […]

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  • Deutsche Bank agrees $7.2bn penalty with US regulators on the sale of residential mortgage-backed securities played a significant role in the 2008 financial crisis

    BBC- Germany’s Deutsche Bank says it has agreed a $7.2bn (£5.9bn) payment to US authorities over an investigation into mortgage-backed securities. The sum, which needs final approval, is far lower than the $14bn the US had asked the bank to pay in September. That looming fine had caused concerns that a failure of the bank […]

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  • United States Sues Barclays Bank to Recover Civil Penalties for Fraud in the Sale of Residential Mortgage-Backed Securities

    FOR IMMEDIATE RELEASE Thursday, December 22, 2016 United States Sues Barclays Bank to Recover Civil Penalties for Fraud in the Sale of Residential Mortgage-Backed Securities Two Former Barclays Executives Also Named in Suit  The United States Department of Justice today filed a civil complaint in the Eastern District of New York against Barclays Bank PLC […]

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  • Jamie Dimon on Trump, Taxes, and a U.S. Renaissance

    Bloomberg- We’re here in Detroit to look at what JPMorgan Chase has done with a five-year commitment to invest $100 million in the city. Why is an initiative like this good business for you as well as for Detroit? I would do it for moral reasons alone. But it is good business. We are the […]

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  • Foreclosure lawyers were tracked too closely to try anything fishy, attorney says

    Banks watched lawyers’ every move and pushed for speedy foreclosures, attorney says  DENVER POST- The Denver law firm that foreclosed on more Colorado homeowners than any other could not have padded its billings because the banks and federal mortgage insurers it represented micro-managed nearly every aspect of the process to ensure the speediest outcome, one […]

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  • Top foreclosure lawyer testifies she sold her house to defend fraud allegations

    Prosecutors say millions were needlessly charged to homeowners, banks and taxpayers Denver Post- One of Colorado’s top foreclosure lawyers on Tuesday tearfully described being forced to sell her multi-million-dollar home in Centennial — “The house I thought I would die in” — in order to pay lawyers defending her and her firm against a state […]

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  • Wells Fargo Scrambles to Deal With New Crisis

    WSJ- Wells Fargo & Co. chief Timothy Sloan received a terse call last Tuesday from the Federal Reserve and Federal Deposit Insurance Corp.: That afternoon the regulators would publicly announce the bank had flunked a vital test and would be slapped with first-of-their-kind penalties. The failure of the bank’s so-called living will test, even as […]

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  • Trump’s Treasury Pick Moves in Secretive Hedge Fund Circles

    NYT- As a hedge fund manager, Goldman Sachs trader and bank chief executive, Steven T. Mnuchin has long been a member of the financial elite. Yet even on Wall Street he was not widely known before Donald J. Trump chose him to be his campaign fund-raiser last spring. Now, Mr. Mnuchin is on a path to […]

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  • JPMorgan dethrones Deutsche as top CMBS bookrunner

    The Real Deal- For the first time in five years, there’s a new king atop of the CMBS mountain. JPMorgan was the most active underwriter this year with $12 billion worth of U.S. transactions, edging out Deutsche Bank and ending its five-year reign as the top CMBS bookrunner, according to Commercial Mortgage Alert. While U.S. […]

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  • Denver law firm on trial for allegedly bilking foreclosured homeowners

    State says Castle law firm allegedly fixed prices to maximize profits from homeowner misery Denver Post- As thousands of Coloradans battled to save their homes from foreclosure in the past decade, the owners of one law firm allegedly devised a scheme that eventually milked tens of millions of dollars from banks, homeowners and investors. That’s the […]

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  • Prudential Whistle-Blower Rocks the Boat on Wells Fargo Scandal

    Bloomberg- Julie Broderick had 15 years of experience as a securities regulator and a propensity for speaking her mind before joining Prudential Financial Inc. as an investigative supervisor in 2012. When she sought this year to learn more about possible sales abuses by one of the insurer’s business partners, she said, the message from her […]

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  • SUBMIT COMPLAINTS ABOUT STEVE MNUCHIN, TRUMP’S NOMINEE FOR THE SECRETARY OF THE TREASURY

    On November 30th, 2016, President-elect Trump named Steve Mnuchin to be the United States Treasury Secretary. Also known as the “Foreclosure King,” Mnuchin earned the nickname for his bank’s practice of buying distressed mortgages during the financial crisis and evicting thousands of homeowners. As the Chief Executive Officer and owner of OneWest Bank, Mnuchin oversaw […]

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  • JPMorgan Draws IRS Whistle-Blower Complaint Over Pension Funds

    Ex-employee says bank owes penalty for shirking fiduciary duty Plaintiff’s lawyer helped write 2006 whistle-blower provisions Bloomberg- PMorgan Chase & Co. paid more than $300 million a year ago to resolve regulators’ claims that the bank had failed to tell wealthy clients it was steering them into its own funds. Now it may have unfinished […]

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  • Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 mln

    Reuters- Goldman Sachs Group Inc has agreed to pay $56.5 million to resolve a U.S. class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market. The proposed settlement was disclosed in papers filed in federal court in Manhattan on Friday. It came after seven […]

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  • The Vampire Squid Occupies Trump’s White House

    After running against Goldman as a candidate, Donald Trump licks the boots of the world’s largest investment bank Rollingstone- Back on February 19th, during a primary-season speech in Myrtle Beach, South Carolina, Donald Trump directed a two-pronged rhetorical offensive against opponents in both parties. He started with Ted Cruz. Cruz’s campaign, Trump pointed out, had […]

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  • Lender Steering in Residential Mortgage Markets

    Lender Steering in Residential Mortgage Markets Sumit Agarwal Georgetown University, ushakri@yahoo.com Brent W. Ambrose Institute for Real Estate Studies and the Department of Risk Management, The Pennsylvania State University, bwa10@psu.edu Vincent W. Yao J. Mack Robinson College of Business, Georgia State University, wyao2@gsu.edu December 6, 2016 Abstract In this paper we examine the incentives for […]

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  • Obama Failed to Mitigate America’s Foreclosure Crisis

    The Atlantic- In My President Was Black, Ta-Nehisi Coates ably documents the material and representational advances of the past eight years. But any rendering of Barack Obama’s legacy is incomplete without including his failure to arrest the foreclosure crisis, or to hold anyone accountable for the widespread damage it inflicted. In fact, reading Coates’ hymn […]

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  • Dimon: I Don’t Think I’m Suited to Be Treasury Secretary

    JPMorgan Chief Executive Officer Jamie Dimon discussed President-elect Donald Trump’s nomination of prominent Wall Street figures for cabinet positions with Bloomberg’s Megan Murphy. Dimon spoke to Bloomberg Businessweek in Detroit for a Debrief event to air in full on Thursday December 22 and it will be published in the annual Good Business issue on newsstands […]

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  • NMS Monitor reports SunTrust failed one test in Q1 2016

    FOR IMMEDIATE RELEASE December 15, 2016 Contact: Hannah Harrill 919-508-7821 NMS Monitor reports SunTrust failed one test in Q1 2016; HSBC failed none Joseph Smith reports on HSBC and SunTrust’s NMS borrower treatment rules and HSBC’s consumer relief RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), reported on HSBC’s […]

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  • Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

    Dallas News- The Dallas Police and Fire Pension System’s Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests. The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the […]

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  • U.S. regulator launches hotline for ex-Wells Fargo bankers fired during scandal

    Reuters- A private U.S. regulator launched a hotline on Friday to hear from ex-Wells Fargo & Co employees who were fired for allegedly opening unauthorized accounts after news reports that the bank may have retaliated by terminating whistleblowers in the scandal. Federal regulators ordered the San Francisco-based bank to pay $190 million in fines and […]

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  • California to investigate Prudential insurance policies sold through Wells Fargo

    LA TIMES- lifornia Insurance Commissioner Dave Jones announced an investigation Monday into the sale of Prudential insurance policies by Wells Fargo & Co., marking the first time the bank’s unauthorized accounts scandal has widened to include another institution. The decision came the same day the Newark, N.J., insurer suspended the sale of policies through Wells Fargo branches […]

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  • Mowed Lawns or Broken Mailboxes: Foreclosure’s Unequal Toll

    NYT- Fair-housing advocates visited more than 2,300 foreclosures across the country and counted up all of their problems. The modest white house on Arlene Avenue in Dayton, Ohio, was an eyesore. The paint was peeling, and parts of the shutters were missing. The yard was thickly overgrown, and the back door, such as it was, […]

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  • How more deportations under Trump could lead to a spike in foreclosures

    CNN MONEY- President-elect Donald Trump’s vow to deport two to three million undocumented immigrants could spur an increase in foreclosures among Latinos and hurt the nation’s overall housing market, a new report finds. Researchers at Cornell University published a study this week that links an increase in deportations to a higher rate of foreclosure within […]

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  • Fannie Mae Announces Eviction Moratorium for the Holidays from December 19, 2016 through January 2, 2017

    Alicia Jones 202-752-5716 WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season. The suspension of evictions will apply to single-family and 2-4 unit properties from December 19, 2016 through January 2, 2017. During this period, legal and administrative proceedings for evictions may continue, […]

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  • Freddie Mac Announces Holiday Eviction Moratorium Dec. 19, 2016 to Jan. 3, 2017

    MCLEAN, VA–(Marketwired – Dec 12, 2016) – Freddie Mac (OTCQB: FMCC) announced today a nationwide suspension of eviction lock-outs between Dec. 19, 2016 and Jan. 3, 2017. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac. “Our announcement today is to help provide families with a greater measure of certainty during the […]

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  • Why Goldman Sachs Could Again Rule Wall Street

    WSJ- Wall Street’s “flow monsters” are suddenly looking less formidable. So far, the postelection trading world seems to be rewarding everyone on Wall Street. J.P. Morgan Chase & Co., Citigroup Inc. and others are projecting double-digit increases in trading revenue for the fourth quarter, executives said at an industry conference last week. But a postelection […]

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  • Jury Finds Allied Home Mortgage Entities and CEO Liable for Civil Mortgage Fraud – Awards $92 Million in Damages

    Jury Finds Allied Home Mortgage Entities and CEO Liable for Civil Mortgage Fraud – Awards $92 Million in Damages Also Face Trebling of Damages and Additional Mandatory Penalties for Fraudulent Conduct HOUSTON – A federal jury has found the entities formerly known as Allied Home Mortgage Capital Corporation (Allied Capital) and Allied Home Mortgage Corporation […]

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  • FHFA Announces Successful Implementation of Release 1 of the Common Securitization Platform

    Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Release 1 of the Common Securitization Platform (CSP) was successfully implemented on November 21.  This means that Freddie Mac is now using the CSP for Data Acceptance, Issuance Support, and Bond Administration activities related to current single-class, fixed-rate, mortgage-backed securities. The implementation of […]

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  • Governor Cuomo Announces New Actions to Assist Homeowners Facing Foreclosure and Hold Banks and Mortgage Servicers Accountable For Maintaining “Zombie Properties”

    Consumer Bill Of Rights and Final Regulation and Are Final Pieces Of Sweeping Legislation Signed By Governor Cuomo to Assist Homeowners Facing Foreclosure Actions Combat Blight Created By Vacant and Abandoned Properties Across New York State Governor Andrew M. Cuomo today announced the Department of Financial Services has published a Consumer Bill of Rights for […]

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  • Bank can’t foreclose on man who didn’t sign mortgage

    Akron Legal News- A Mahoning County trial court erred by granting summary judgment to Bank of America in a foreclosure case in which the defendant failed to sign the promissory note and mortgage. In a 2-1 opinion, the 7th District Court of Appeals recently ruled against Bank of America’s claim it was a “mutual mistake” […]

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  • Trump transportation pick Elaine Chao made $1.2 million from Wells Fargo

    CNN MONEY- President-elect Donald Trump’s pick to lead the sprawling Transportation Department made $1.2 million while overseeing Wells Fargo as a director during the period the bank has admitted to creating millions of fake accounts. As a member of Wells Fargo (WFC)’s board since 2011, Elaine Chao was responsible for monitoring the bank’s actions as […]

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  • Taxpayers Have Now Made A $63 Billion Profit From Fannie Mae, Freddie Mac Bailouts

    Benzinga- Shares of Federal National Mortgage Assctn Fnni Me FNMA 6.67%and Federal Home Loan Mortgage Corp FMCC 7.15% have been all over the map in the past week following comments from newly-appointed Treasury Secretary Steven Mnuchin. When asked about Fannie Mae and Freddie Mac, Mnuchin said the Trump administration has “got to get them out […]

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  • Is Wall Street Trying to Rig Trump’s Business Advisory Panel?

    Wall Street On Parade- On December 2 President-elect Donald Trump’s transition team sent out a press release advising that he had formed a business advisory panel “which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the President frequently to share their specific experience […]

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  • Donald Trump names JPMorgan, Blackstone CEOs to advisory board

    HW- President-elect Donald Trump’s latest selection of leaders involves a new idea: the President’s Strategic and Policy Forum. The group is comprised of 16 CEOs, which includes Stephen Schwarzman, chairman, CEO, and Co-Founder of Blackstone, and Jamie Dimon, chairman and CEO of JPMorgan Chase. Schwarzman will also be the Forum chairman. Rumors originally swirled around Dimon […]

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  • National Fair Housing Alliance Accuses Mortgage Giant Fannie Mae of Racial Discrimination in 38 U.S. Metro Areas

    Mortgage Giant Fannie Mae Accused of Racial Discrimination in 38 U.S. Metro Areas  National Fair Housing Alliance and 20 Civil Rights Groups File Federal Lawsuit Over Neglected ForeclosuresWASHINGTON, D.C. — Today, the National Fair Housing Alliance (NFHA) and 20 local fair housing organizations from across the United States filed a housing discrimination lawsuit against Fannie […]

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  • JPMorgan CEO says bank may look to pay special dividend

    Reuters- The stock of JPMorgan Chase & Co (JPM.N) has been climbing so much that “at a certain price,” the company may consider issuing a special dividend to distribute excess capital rather than buying back additional stock, Chief Executive Jamie Dimon said on Tuesday. Dimon, speaking at an investor conference, said that if the stock […]

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  • Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes

    WSJ- Jonathan Gray of Blackstone Group LP went on the biggest homebuying spree in history after the U.S. foreclosure crisis, purchasing repossessed properties from the courthouse steps and through online auctions. Four years, $10 billion and roughly 50,000 homes later, he will find out if his gambit will pay off. Invitation Homes LP, the Dallas-based company […]

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  • How America’s foreclosure crisis helped make Donald Trump president

    QZ- Foreclosures helped put Donald Trump in the White House, and his choice for Treasury secretary, Steve Mnuchin, was in a good position to understand how. Mnuchin, a veteran financier, bought OneWest Bank after the financial crisis and ran it for six years before his consortium sold it for a $1.5 billion profit. In that […]

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  • Credit Restrictions Cost Home Buyers ‘Deal of a Lifetime’

    WSJ- Sean Dobson wanted to start a mortgage bank four years ago to serve borrowers with middling credit or irregular income. He eventually decided that growing regulatory hurdles and other costs would erase his returns. Instead, he purchased thousands of homes in states from Texas to Indiana and now rents them to people who might have been […]

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  • Trump taps Ben Carson for HUD secretary

    CNN- Ben Carson will be nominated as the next secretary of the Department of Housing and Urban Development, the Trump transition team announced Monday. “I am thrilled to nominate Dr. Ben Carson as our next Secretary of the US Department of Housing and Urban Development,” President-elect Donald Trump said in a statement. “Ben Carson has […]

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  • Lessons on leadership from Jamie Dimon

    Chase- Building and growing a successful business requires many different elements to come together. You need a great idea, financing, raving customers, passionate employees, and smart money management, just to name a few. There’s one thing all of these pieces require in order to come together and reach their fullest potential: exceptional leadership. Whether it’s […]

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  • Inside Trump Treasury nominee’s past life as ‘foreclosure king’ of California

    Steve Mnuchin was once CEO of OneWest bank, which has been accused of lending dubious mortgages to the elderly and evicting thousands in the state The Guardian- Lights flashing, three police cars showed up to Bill Montes-Pack’s quiet suburban street on the morning of 15 December 2015. The Benicia, California, man had stayed up all […]

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  • Trump treasury secretary pick Steven Mnuchin’s bank foreclosed on 90-year-old woman who owed 27 cents

    NY Daily News- A bank owned by Steven Mnuchin, Donald Trump’s Treasury secretary nominee, foreclosed on a 90-year-old Florida woman who owed 27 cents, reports revealed Thursday. The practices of OneWest Bank have received renewed scrutiny since the Republican president-elect announced the onetime Goldman Sachs banker as his pick Wednesday. Over 36,000 foreclosures followed Mnuchin […]

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  • Foreclosed Borrowers Poised to Haunt Mnuchin’s Nomination

    National Mortgage News- President-elect Donald Trump’s choice of Steven Mnuchin as Treasury secretary set off a flurry of angry responses from foreclosed homeowners that are likely to haunt the former CEO of OneWest Bank at his confirmation hearing next year. James Beekman, an Air Force veteran who owns a car wash in Florida, and has […]

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  • Trump unveils plan to dismantle Dodd-Frank Act

    “Bureaucratic red tape and Washington mandates are not the answer” Housingwire- Now that the dust is starting to settle from the election, a clearer picture is beginning to emerge of what types of actions President-elect Donald Trump will pursue once the “-elect” is removed from his title. Chief among those planned actions appears to a […]

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  • 21 Lawmakers Come Out To Defend The Consumer Financial Protection Bureau

    Consumerist- While most federal agencies will soon see a change in leadership and direction after President-elect Donald Trump takes office, the head of the Consumer Financial Protection Bureau is supposed to be shielded from such sudden changes. A recent court decision put that protection — and the future of the CFPB itself — in question, […]

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  • Fannie, Freddie need to get out of government ownership: Mnuchin

    Reuters- U.S. mortgage finance companies Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK) ought to be privatized as soon as possible but in a fashion that ensures they do not again threaten the financial system, President-elect Donald Trump’s nominee to run the Treasury Department said on Wednesday. Steven Mnuchin, in an interview on Fox Business Network, […]

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  • Trump shifts from Wall St. villain to savior

    USA Today- How did Donald Trump go from a scary president-to-be in the eyes of Wall Street on election night to a bullish catalyst that has propelled the U.S. stock market to a series of record highs in a surge investors dubbed the “Trump Rally”? Turn the clock back to late October and early November, […]

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  • Former J.P. Morgan rep barred for refusing to cooperate with FINRA investigation

    Bank Investment Consultant- FINRA has banished a former J.P. Morgan registered rep from the brokerage industry for failing to cooperate with an investigation into allegations that she misappropriated funds from a bank affiliated with J.P. Morgan Securities. Whitley Kiara Hood worked for J.P. Morgan in Chicago and was voluntarily terminated in April, according to a […]

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  • Consumer Financial Protection Bureau in jeopardy under Donald Trump

    Washington Times- The Consumer Financial Protection Bureau, the powerful five-year-old agency that President Obama hopes will be regulating businesses on behalf of consumers long after he leaves office, could be gutted and its director removed soon after President-elect Donald Trump is inaugurated in January. Despite a federal-court case over the independence of the CFPB director […]

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  • Trump to tap billionaire Wilbur Ross for Commerce secretary

    CNN Money- Billionaire investor Wilbur Ross is President-elect Donald Trump’s pick for Commerce secretary, two sources tell CNN. The nomination is expected to be rolled out as part of an economic team announcement on Wednesday, when Trump will likely name Steven Mnuchin as treasury secretary. The Cabinet-level position, which requires Senate confirmation, serves as the […]

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  • Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard

    Business Insider- As President-elect’s Donald Trump’s transition rolls on, more and more attention is being paid to possible selections for a variety of high-ranking positions and meetings that might help decide these appointments. On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the […]

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  • Fed braces for Trump administration shake-up

    The Hill- The Federal Reserve could be in for a bumpy ride as resurgent Republicans led by President-elect Donald Trump look to make a big mark on the central bank. The right has grown increasingly irritated by the central bank’s policies since the financial crisis and may now be poised to finally push through long-stalled […]

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  • An $11 trillion commercial real estate bubble is ready to rock the economy

    Business Insider- Warnings about the loans, bonds, and commercial-mortgage-backed securities (CMBS) tied to the vast $11-trillion commercial property sector in the US have been hailing down for months. Moody’s Investor Services just warned about the rising delinquency rate of some $360 billion in CMBS it rates. Delinquencies of 60+ days jumped from 4.6% last year […]

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  • Shadow Inventory: More Houses Will Soon Be Available For Sale

    RiSMEdia- All signs point to an improved housing market — home values are up by about 30 percent since 2012, they’re selling faster, and overall demand is high. But this recovery has led to a dramatic decrease in the overall housing inventory. Fortunately, there might be some relief from the shortage in sight. The inventory […]

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  • A plea not to send watchdog to slaughter

    Detroit News- Ten years ago, bullies had taken over the playground. Financial service firms preyed on their customers with impunity: ■Lenders made expensive, risky mortgages to people who couldn’t afford to pay the money back. ■Credit card issuers foisted overpriced insurance and other add-on products on millions of unsuspecting customers. ■Credit bureaus ignored evidence submitted […]

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  • STEVEN MNUCHIN RAN A “FORECLOSURE MACHINE” AND OTHER FUN FACTS ABOUT TRUMP’S SHORTLIST FOR TREASURY

    Hiring a guy who foreclosed on 36,000 people may not jibe with Trump’s “I’m here for the little guy“ shtick. Vanity Fair- Who is Donald Trump going to name as his Treasury Secretary? He desperately wanted J.P. Morgan C.E.O. Jamie Dimon for the job, but then, shockingly, after being turned down, reportedly lost all respect […]

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  • Wells Fargo tries to kill fake account lawsuit

    Wells Fargo may be sounding a more friendly tone these days, but the big bank is still playing legal hard ball with victims in the fake account scandal. Wells Fargo (WFC) customers have opened a class action lawsuit against the bank over the opening of unauthorized accounts in their names. But Wells Fargo is trying […]

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  • Chart: Why Deregulation Will Be So Beneficial to JPMorgan Chase

    Rolling back the Dodd-Frank Act would free JPMorgan Chase up to invest its assets more profitably. The Motley Fool- If President-elect Donald Trump follows through on his promise to deregulate the bank industry by “dismantling” the Dodd-Frank Act, few banks would benefit as much as JPMorgan Chase(NYSE:JPM). There are a number of reasons for this, […]

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  • Feds Give Up Trying To Hold Bank Of America Accountable For Countrywide’s “Hustle” Mortgage Scam

    Consumerist- A nasty four-year legal battle between the Justice Department and Bank of America over a massive mortgage-related scam run by Countrywide Financial has come to a whimpering conclusion, with the DOJ opting to not appeal its most recent defeat in the case. Let’s take a quick spin back a decade to the final years […]

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  • Jamie Dimon himself called to urge support for the derivatives rule in the spending bill

    WaPO- The acrimony that erupted Thursday between President Obama and members of his own party largely pivoted on a single item in a 1,600-page piece of legislation to keep the government funded: Should banks be allowed to make risky investments using taxpayer-backed money? The very idea was abhorrent to many Democrats on Capitol Hill. And some […]

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  • Venezuela’s Maduro threatens legal action against JPMorgan

    Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments. PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that […]

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  • Wells Fargo accused of commencing foreclosure without a mortgage

    Penn Record- An individual is suing Wells Fargo U.S. Bank National Association as Trustee for the Structured Asset Investment Loan Trust Loan Trust, 2005-11, and Assurant, Inc., financial institution, citing alleged unjust enrichment. Michael Earl Davis filed a complaint on Nov. 17, in the U.S. District Court for the Eastern District of Pennsylvania against the […]

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  • Trump ‘doesn’t respect’ Jamie Dimon, not considering him for Treasury, source says

    CNBC- It’s probably safe to say that JPMorgan Chase CEO Jamie Dimon won’t be the treasury secretary after all. Wall Street has been abuzz for the past two weeks with speculation that the 60-year-old head of the largest U.S. bank by assets would run the Treasury Department for President-elect Donald Trump. CNBC reported on Nov. […]

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  • Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier

    City A.M- Citigroup has joined JP Morgan Chase as one of the world’s top two “systemically important banks”, according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This […]

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  • JPMorgan has clutch of CEO understudies

    The News- NEW YORK: JPMorgan Chase & Co is once again facing questions about who will succeed its larger-than-life chief executive after Jamie Dimon was courted by the incoming U.S. president for the role of Treasury secretary. Dimon, 60, has been running the largest U.S. bank for more than a decade and has faced questions […]

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  • OCC Statement Regarding Revocation of Relief to Wells Fargo Bank, N.A., from Certain Regulatory Consequences of Enforcement Actions

    November 18, 2016 Statement Regarding Revocation of Relief to Wells Fargo Bank, N.A., from Certain Regulatory Consequences of Enforcement Actions Pursuant to certain enforcement actions1 by the Office of the Comptroller of the Currency (OCC) against Wells Fargo Bank, N.A. (Bank), the OCC informed the Bank today that it has revoked provisions of the enforcement […]

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  • CIT Group Accused of Redlining and Violating Fair Housing Act

    CALREINVEST- CALIFORNIA REINVESTMENT COALITION AND FAIR HOUSING ADVOCATES OF NORTHERN CALIFORNIA FILE FAIR HOUSING COMPLAINT, URGING IMMEDIATE HUD INVESTIGATION INTO CIT GROUP’S ONEWEST BANK San Francisco, CA, Nov. 17, 2016—Yesterday, two nonprofit organizations formally filed a complaint requesting that the federal Department of Housing and Urban Development (HUD) investigate whether CIT Group violated and continues […]

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  • With Trump’s Treasury candidate come possible conflicts

    WaPO- A leading candidate to be ­President-elect Donald Trump’s treasury secretary was deeply involved in running a bank that has received $900 million in federal bailout money and that has been accused of discrimination — examples of the potentially thorny conflicts of interest that could plague Trump’s nascent administration. Steven T. Mnuchin was the finance […]

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  • Fed’s Kashkari Unveils His Plan to End Too-Big-to-Fail Banks

    Bloomberg- Federal Reserve Bank of Minneapolis President Neel Kashkari proposed a series of new rules for banks and non-bank lenders that he said would eliminate the threat posed by financial institutions whose failure could wreak havoc in the global markets. The plan centers on significantly increasing the capital cushion banks must hold to protect against […]

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  • OneWest Bank shut out nonwhite borrowers while owned by Steve Mnuchin-led group, advocates say

    LA TIMES- Two California advocacy groups have asked federal housing regulators to investigate Pasadena’s OneWest Bank over allegations that it discriminated against or failed to serve minority communities. The allegations lodged with the U.S. Department of Housing and Urban Development build on a multitude of earlier complaints against the bank. They come as former OneWest Chairman […]

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  • JPMorgan Chase Paying $264 Million to Settle FCPA Charges

    FOR IMMEDIATE RELEASE 2016-241 Washington D.C., Nov. 17, 2016 —The Securities and Exchange Commission today announced that JPMorgan Chase & Co. has agreed to pay more than $130 million to settle SEC charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their […]

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  • Jamie Dimon Tells Donald Trump No Thanks

    FORTUNE- As J.P. Morgan Chase shares are dropping on the rumor. The Trump transition team’s draft-Dimon effort will need to look for a new pick. Fortune has learned that Jamie Dimon, CEO of J.P. Morgan Chase JPM 0.92% , has formally told the Trump transition team that he has no interest in being the next […]

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  • J.P. Morgan Will Reportedly Pay $250M to Settle China Hiring Allegations

    Fortune- Over hiring children of Chinese decision makers to win business. JPMorgan Chase will pay more than $250 million to settle allegations by the U.S. government that it had hired children of Chinese decision makers to win business, a source familiar with the matter told Reuters. The bank will pay roughly $200 million combined to […]

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  • Detroit Land Bank helps fight foreclosure

    Click on Detroit- Nearly 100 Detroit residents got a second chance to stay in their homes Wednesday through the Detroit Land Bank buyback program. The program helped homeowners who had lost their homes to foreclosure or renters who were at risk of eviction. The buyback program meant those families were back under their roof. LaTonya […]

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  • US foreclosure map predicts US battleground states map

    Boing Boing- Tom Adams, a lawyer and 20-year veteran of the securitization business, compares a map of America’s largest foreclosure inventories with a map of key battleground states. The Obama administration inherited a brutal housing crisis, which it fought in part by offering some mortgage relief to American householders, but that aid was dwarfed by […]

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  • JPMorgan CEO Dimon still part of Trump Treasury talk

    Reuters- Conflicting information on whether JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon could become U.S. Treasury secretary as part of President-elect Donald Trump’s Cabinet cast a cloud of uncertainty over the nation’s largest bank on Wednesday. Tweets from Fox Business News reporters on Wednesday were the latest indication that Dimon was still in […]

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  • Controversy Over Non-Judicial Foreclosures In Hawaii Leaves Title Insurers Wary About Insuring Title On Homes That Have Been Through Non-Court Supervised Process

    H/T Home Equity Theft West Hawaii Today- Foreclosed properties bought at auction often afford buyers a chance at a lucrative deal. But if you’ve purchased a property anywhere in Hawaii that’s been through a non-judicial foreclosure, you may have acquired considerably less than you bargained for — or potentially nothing at all. That’s because of several […]

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  • 2009: The year the Democratic Party died

    The Week- The Democratic Party has been obliterated. Hillary Clinton’s narrow loss to Donald Trump was the shock felt ’round the world, but there’s been an even deeper decline in the Democratic Party at the state and local level. The Obama administration has overseen the loss of roughly a tenth of the party’s Senate seats, […]

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  • Clatsop County is joining 11 other counties in a $50 million lawsuit against a private mortgage registry over recording fees.

    The Daily Astorian- Clatsop County is joining 11 other counties in a $50 million lawsuit against a private mortgage registry over recording fees. The lawsuit alleges that Mortgage Electronic Registration Systems, or MERS, owes the counties millions of dollars in unpaid fees. “We think we’re probably missing out on somewhere between $35,000 or $70,000 a […]

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  • NJ WOMAN’S ESTATE WINS BATTLE WITH MORTGAGE COMPANY AFTER DEATH

    Florence Block was an executive and mother of an autistic son; her battle with cancer contributed to financial problems NJ Spotlight- In what is good news for homeowners who are still trying to avoid foreclosure via mortgage modification, a federal judge ruled that a New Jersey borrower who fulfilled the terms for a trial modification […]

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  • Warren to President-Elect Trump: You Are Already Breaking Promises by Appointing Slew of Special Interests, Wall Street Elites, and Insiders to Transition Team

    NOV 15, 2016 Text of the letter available here (PDF) Washington, DC – United States Senator Elizabeth Warren today sent a letter to President-Elect Trump raising serious concerns about the special interest lobbyists, Wall Street bankers, and industry insiders who are staffing his transition team and who will shape the new administration. The senator wrote, […]

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  • JPMorgan, HSBC said to face EU antitrust fines over Euribor

    Chicago Tribune- JPMorgan Chase, HSBC Holdings and Credit Agricole are set to face antitrust fines as soon as next month over rigging the Euribor benchmark, wrapping up a five-year European Union investigation, according to two people familiar with the status of the case. EU regulators are making the final touches on a decision to fine […]

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  • A city’s unique way to make banks pay for the foreclosure crisis

    Miami is suing big banks for alleged discriminatory lending. Think Progress- The foreclosure crisis hit the country almost a decade ago, throwing millions of people from their homes, crashing the housing market, and destroying many city and state budgets in the process. While the banks that doled out the loans that caused the crisis have […]

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  • Donald Trump Win Helped Wells Fargo Stock Erase All Losses From Phony Accounts Scandal

    Fortune- After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness. Shares of Wells Fargo wfc closed up 7.6% Thursday, to […]

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  • Mary Jo White to step down as SEC chief

    NYT- Wall Street regulators began an exodus from Washington on Monday as Mary Jo White, the chairwoman of the Securities and Exchange Commission, announced plans to leave the agency. The decision makes Ms. White, a former federal prosecutor who has served more than two decades in the federal government, the first major Obama administration appointee […]

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  • Feds fighting to keep Detroit demo subpoena private

    Detroit demolition program remains under federal investigation FREEP- The federal office investigating Detroit’s blight-removal program is fighting the release of its subpoena  of the Detroit Land Bank Authority, arguing that making the document public would compromise its criminal investigation. Christy Goldsmith Romero,  the special inspector general for the Office of the Special Inspector General for the Troubled Asset […]

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  • Fannie, Freddie surge as Trump taps advisors who back privatization

    Market Watch- Shares of Fannie Mae  and Freddie Mac have rallied this week as President-elect Donald Trump surrounds himself with advisors seen as sympathetic to shareholders of the two mortgage companies. Fannie FNMA, +7.27%  and Freddie FMCC, +6.18%  were placed into federal conservatorship during the 2008 financial crisis, and in 2012 the Obama administration amended […]

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  • NJ Court Finds that SOL Bars Residential Foreclosure Action

    NJ Law Journal- The Court sees no reason why acceleration would change the commencement of the limitations period from that date. Here, [the] maturity date stated on the Note and Mortgage is October 1, 1995. Applying the plain language of the limitations period described in subsection (a), an action to foreclose on the Mortgage is […]

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  • Taxpayers are still bailing out Wall Street, eight years later

    JPMorgan, which has more than $2 trillion in assets, says most of the money it receives through the program is passed on to investors and homeowners who receive incentives for paying their mortgages on time. WaPO- Eight-years after taxpayers rescued the U.S. financial system, some of the country’s largest banks, including JPMorgan Chase and Wells Fargo, continue […]

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  • How Letting Bankers Off the Hook May Have Tipped the Election

    NYT- There are many facets to the populist, anti-establishment anger that swept Donald J. Trump into the White House in Tuesday’s election. A crucial element fueling the rage, in my view, was this: Not one high-ranking executive at a major financial firm was held to account for the crisis of 2008. As millions of foreclosures […]

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  • $25K Quid Pro Quo! — Bondi says she’s ‘honored’ to serve Trump in ‘historic’ transition effort

    Politico- Florida Attorney General Pam Bondi, the only statewide elected Republican who endorsed Donald Trump before the state’s GOP primary, secured a spot Friday on the executive committee of the president-elect’s transition team. “I’m honored to serve President-elect Donald J. Trump in making this historic transition and assisting in finding the best individuals to bring […]

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  • Governor Cuomo Announces $28 Million Fine Levied Against PHH Mortgage Corporation for Shoddy Mortgage Origination and Servicing Practices

    Independent, Third-Party Auditor Will be Engaged to Identify and Deliver Restitution to Impacted Borrowers Governor Andrew M. Cuomo today announced that PHH Mortgage Corporation and its affiliate, PHH Home Loans LLC, will pay a $28 million fine and engage a third-party auditor as part of a consent order for violations of federal and New York […]

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  • Trash Out Sub-Contractor Gets One Month In Jail For Pilfering Murdered Couple’s Personal Belongings In Their Foreclosed Home

    Star Journal- A 39-year-old Kaukauna man, who was convicted by a jury in Oneida County Circuit Court on three counts of burglary and a felony theft charge for taking items last year from the town of Piehl residence where Thomas and Jennifer Ayers were killed, was sentenced Thursday to a month in jail. Judge Michael […]

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  • FINRA names former JPMorgan top lawyer to its board of governors

    Reuters- The Financial Industry Regulatory Authority named Stephen Cutler, vice chairman and former linchpin lawyer for JPMorgan Chase & Co (JPM.N), to its board of governors Thursday. He replaces Greg Fleming, Morgan Stanley’s (MS.N) last head of wealth management, who resigned from the board earlier this year. FINRA’s organizing rules require that the securities industry […]

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  • BREAKING: Trump advisers considering $JPMorgan CEO Dimon for Treasury post – sources

    CNBC- In the wake of Donald Trump’s upset victory, advisors have floated the idea of naming Jamie Dimon as treasury secretary, according to two people familiar with the matter, but one of them added that the JPMorgan chief has said he would not be interested in the role. A Trump spokesperson could not immediately be […]

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  • Kathleen C. Engel | Local Governments and Risky Home Loans ….I analyze the legal and regulatory problems municipalities encountered when they attempted to restrict high-risk mortgage loans and when they sought to recover for foreclosure blight

        Download This PaperOpen PDF in Browser   https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2864424 Local Governments and Risky Home Loans Kathleen C. Engel  Suffolk University Law School 2016 Southern Methodist University Law Review, Vol. 69, p. 609 (Forthcoming)  Suffolk University Law School Research Paper No. 16-12  Abstract:       Municipalities from the Central Valley in California to Upstate New York bear […]

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  • Read the Letter J.P Morgan Chase’s CEO Jamie Dimon Just Sent Employees on Trump Win

    Fortune– Message from Jamie Dimon Dear colleagues, We are going through a period of profound political and economic change around the world, and American citizens showed that deep desire for change in voting to elect Donald Trump as the 45th President of the United States. We have heard through democratic processes in both Europe and […]

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  • State’s highest court holds public hearing over foreclosure rule changes

    Denver Post- Colorado’s Supreme Court is considering changes to courtroom rules that would ensure consumers can better challenge a foreclosure before their homes can be taken. The court is holding a public hearing Thursday over changes to the state’s Rule 120 process, which gives homeowners the opportunity to contest a foreclosure by appearing in court, but is […]

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  • Donald Trump Thinks Jamie Dimon Is a Wimp

    Bloomberg View- Donald Trump is not known for being shy on any topic, let alone the topic of litigation. Generally speaking, the Donald prefers to fight his lawsuits, not settle them. And so, not surprisingly, he has a bone to pick with Jamie Dimon, the chairman and chief executive officer of JPMorgan Chase & Co., […]

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  • Zucker Goldberg Co-mingled Finances with Software Company, Examiner’s Report Says

    NJ LAW JOURNAL- An investigator’s report alleges that creditors owed money by bankrupt New Jersey foreclosure firm Zucker, Goldberg & Ackerman may have valid causes of action in connection with how the firm did business in recent years. In a report released late Tuesday, bankruptcy examiner Donald Steckroth delved into the Mountainside-based firm’s relationship with […]

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  • Supreme Court Probes Whether Miami Can Sue Banks Over Foreclosure Crisis

    MSN- Should Bank of America and Wells Fargo be on the hook for potentially billions of dollars in tax revenue Miami and other cities lost after property values plunged in minority neighborhoods due to shoddy lending practices and foreclosures? And if so, why can’t Miami sue for lost tourist revenue? Sales taxes? Why can’t the […]

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  • SEC Investigating Banks Over Possible Mishandling of ADRs

    Agency sent subpoenas to BNY Mellon, Citigroup, Deutsche Bank and J.P. Morgan Chase, sources say WSJ- The U.S. Securities and Exchange Commission is looking into whether big banks have been mishandling securities in the arcane but sizable market for American depositary receipts, according to people close to the investigation. The SEC has sent subpoenas to […]

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  • What voters are saying in this Florida city crushed by foreclosures

    CNBC- PORT ST. LUCIE, Fla. — At the Tradition community here, joggers share the sidewalks with skinny-legged cranes, young parents bring their toddlers to the town square to learn how to walk and the homes lining the pristine streets are selling for about half of what they did a decade ago. A young mother, who […]

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  • Jamie Dimon Remains Way Too Cool For Email

    DealBreaker- It’s a dangerous time to be doing the email, kids. You got to be careful out there, especially if you’re a noted master of finance. Like do you want to getting caught up in an email hack for sending and receiving messages about how bad your CTO’s butt looks in his new skinny Aquascutum […]

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  • Oregon Counties Announce $50M Lawsuit Against MERS

    NMP- Eleven Oregon counties are teaming up in a $50 million lawsuit that charges the Mortgage Electronic Registration Systems (MERS) with unpaid recording fees and circumvention of state law. According to a report in The Oregonian, the counties are following a lead set in 2012 by Oregon’s Multnomah County, which sued MERS under the argument […]

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  • Amy Howe, Argument preview: Justices to consider scope of Fair Housing Act, SCOTUSblog

    ScotusBlog- It sounds like a scene from “The Wire,” but with palm trees and swimming pools: Gangs run prostitution rings and criminals hide dead bodies in vacant houses. The illegal activities spill over into the rest of the neighborhood, leading to an overall increase in violent crime and stretching police officers and firefighters thin. Property […]

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  • Ruling In Florida Could Have Implications For All Mortgage Servicers

    Mortgage Orb- In a decision that could ultimately impact the entire mortgage servicing industry, the Florida Supreme Court ruled on Thursday that mortgage servicers may file new foreclosure actions against borrowers who won foreclosure cases more than five years ago, should the borrowers default again within five years of the first case’s dismissal. In effect, the […]

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  • Foreclosure Victims Say Donald Trump’s Economic Advisor Drove Them Out of Their Homes

    The Intercept- DENISE SUBRAMANIAM DOESN’T like to think of herself as homeless. A former software engineer, she has several chronic illnesses, including one known as multiple chemical sensitivity, which causes her to react to allergens and chemicals common in interior spaces. So this January, when LNV Corporation foreclosed on the Portland, Oregon, home she’d inhabited for […]

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  • California Senate Race Raises Mortgage Settlement

    NMP- The contentious race to fill the vacant U.S. Senate seat in California has taken a new turn as candidate Rep. Loretta Sanchez accused her rival, state Attorney General Kamala Harris, of bungling the $25 billion National Mortgage Settlement. According to a Los Angeles Times report, Sanchez’s campaign stated that Harris “failed to lead” when […]

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  • Like Clinton, Trump is getting Wall Street and special interest campaign cash

    NJ- WASHINGTON — Donald Trump charges Hillary Clinton with being in the pockets of special interests while relying on the same sources of donations. Just like Clinton, Trump is filling his campaign coffers in part with money from employees of companies that make millions of dollars in political action committee contributions and spend millions of dollars to lobby […]

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  • To recoup losses from the housing collapse, Miami pursues a novel suit

    WaPO- MIAMI — The housing collapse of 2008 nearly broke the city of Miami. Now, its leaders have embarked on a novel and aggressive legal strategy to recoup losses from the big banks they say created the crisis with discriminatory and predatory lending practices. It is a high-stakes effort that is being encouraged by many […]

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  • A.G. Schneiderman Announces $20 Million In New Funding For Land Banks To Support Communities Struggling From Foreclosure Crisis

    Funding Secured Through Schneiderman’s 2016 Settlements With Morgan Stanley, Goldman Sachs Over Misconduct That Contributed To Housing Crisis Requests For Funding Will Be Accepted From Eight New Land Banks Primarily In Rural Communities Upstate, Plus State’s Original 10 Land Banks  New Funding Comes As A.G. Report Finds New York’s Original 10 Land Banks Have Successfully […]

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  • Wells Fargo’s legal mess just got worse…Wells Fargo is also being investigated by the government over its mortgage tactics

    Money CNN- Wells Fargo is catching even more heat for alleged bad behavior, this time from the powerful SEC. The Securities and Exchange Commission’s investigation was revealed by Wells Fargo in a regulatory filing Thursday. It joins an increasingly-long list of government agencies probing Wells Fargo (WFC) for issues related to the creation of as […]

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  • Could States Tax MERS Out of Existence?

    New York State of Mind- On Halloween, the Supreme Court decided that it would not hear an appeal challenging the constitutionality of a Connecticut law which takes direct aim at the MERSCORP model. If you provide mortgages, there is a good chance that you benefit from the efficiencies brought about by the MERS system Connecticut […]

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  • 11 Oregon counties sue private mortgage registry MERS

    Oregon Live- Eleven Oregon counties are suing a mortgage-industry company that registers loan sales, circumventing public property records. The counties — Clackamas, Coos, Crook, Jackson, Josephine, Klamath, Lane, Linn, Marion, Washington and Yamhill — announced Thursday they have filed a $50 million lawsuit over unpaid recording fees since the lending industry created Mortgage Electronic Registration Systems, […]

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  • Florida Supreme Court decision will cause ‘new wave’ of foreclosures

    Florida Politics- When a mortgage foreclosure action gets dismissed by a Florida court, it resets the clock on the state’s five-year statute of limitations, the Supreme Court decided Thursday. That means the lender can try again to get paid, as long as it’s within the next five-year period and the borrower had started paying again […]

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  • Bank Told Couple NOT to Pay Mortgage While Refinancing. Then They Got a Letter That Ruined Their Lives

    IJR- When Elizabeth and David Ball fell onto financially hard times after David lost his job in 2014, they decided to undergo a home loan modification. Upon starting the process with CitiMortgage, Elizabeth clearly remembers asking how to proceed with the payments on their home. continue reading IJR

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  • Freddie Mac CEO: We’ll make crisis-era foreclosure preventions permanent

    Housing Wire- The CEO of Freddie Mac, Donald Layton, admitted to being in particularly good spirits this morning on a call with HousingWire. And he has every right to be. Freddie Mac just posted a great third quarter, with promise of a brighter future ahead. As part of its third-quarter filing, Freddie Mac declared it helped approximately 16,000 […]

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  • Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

    Wonder if there is a list of all the debts that were extinguished out there? NYT- Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million […]

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  • Long Beach Jury Awards Woman $30.5 Million After Loan Leads to Foreclosure of Home

    KTLA- A Long Beach jury awarded a Los Angeles woman $30.5 million in damages on Friday after unclear loan resulted in the default and foreclosure of her home. Kacey Montoya reports for the KTLA 5 News at 10 on Nov. 1, 2016.

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  • Protecting Lenders from Environmental Liability for Foreclosed Properties

    …there are exemptions that protect lenders from liability for environmental conditions so long as certain requirements are met. JD Supra- Readers may recall an earlier blog post regarding a bank’s potential liability for damage to private property caused by a tree falling onto a neighbor’s property.  In addition to property damage from obvious unsafe conditions, […]

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  • Infographic: JP Morgan pays $31.78 billion in fines and other legal costs since 2009

    AND many, many more Billions in years to come! Roll your mouse over a color block below to see what fine they paid.   JPMorgan Shame Tracker | Infographics

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  • Wells Fargo agrees to $50M home loan settlement

      USA TODAY- Wells Fargo (WFC) Friday agreed to pay a $50 million settlement arising out of allegations the bank bilked roughly 250,000 homeowners by padding appraisal fees. The settlement, which still awaits approval by an Oakland, Calif. court, is centered around alleged appraisal markups the banks charged to homeowners who defaulted on mortgage loans. Homeowners […]

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  • MERS Petition on Fees Rebuffed by U.S. Supreme Court

    Bloomberg BNA- The U.S. Supreme Court let stand a Connecticut Supreme Court ruling requiring Mortgage Electronic Registration Systems Inc. (MERS) to pay higher recording fees in that state, opening the door for similar action by other states ( MERSCORP Holdings v. Malloy, U.S., No. 15-cv-01538, cert. den. 10/31/16 ). In February, the Connecticut court upheld […]

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  • Big Banks Tweak Business Plans to Avert New Regulator Costs

    WSJ- Five of the country’s biggest banks detailed tweaks to their business models in hopes of persuading regulators they could absorb significant financial distress without requiring taxpayer funds to stay afloat. The stakes are high for J.P. Morgan Chase & Co., Bank of America Corp., and three others. If regulators deem these revisions of their […]

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  • Securitization of Financial Assets: A Boon or Bane Under SARFAESI Act, 2002?

    Securitization of Financial Assets: A Boon or Bane Under SARFAESI Act, 2002? Salaka Ravi Independent October 24, 2016 The IUP Law Review, Vol. VI, No. 2, April 2016, pp. 43-53 Abstract: In India, after Nationalization, the banks, most of them in the public sector, became an important tool for the socioeconomic revolution in the society, […]

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  • Bank of America’s Relief for Mortgage Borrowers Is Questioned

    There was plenty of fanfare last August when Bank of America agreed to a record $16.7 billion settlement with the Justice Department over dubious mortgage practices. Prosecutors crowed about the deal, which required the bank to provide $7 billion of consumer relief — including such things as loan modifications — over the ensuing four years. But […]

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  • Ocwen facing CFPB investigation, potential fine for servicing practices

    Housing Wire- It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureauinvestigation into its servicing practices. That settlement, and others with the New York Department of Financial Services and the California Department of Business Oversight, are among the items that […]

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  • Backed by ‘Occupy’ activists, Loretta Sanchez criticizes Kamala Harris’ signature mortgage settlement

    LA Times- Orange County Rep. Loretta Sanchez’s campaign for the U.S. Senate lobbed a new attack at front-runner Kamala Harris on Wednesday, this time criticizing the landmark $25-billion national settlement Harris helped wrestle from the nation’s five largest mortgage firms. The settlement is one of the California attorney general’s biggest victories: A recent ad from Harris’ campaign featured President Obama praising the settlement. Sen. Elizabeth Warren […]

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  • U.S. Angered as Freddie Mac Auditor Settles Investor Suit

    Feds want deal undone. Fortune- It looks like some clever Freddie Mac shareholders may have actually got some of their money back, in compensation for the government’s effective nationalization of the mortgage finance giant in August 2012, which wiped out virtually all the value of their stock. The money—or whatever the investors got in a confidential […]

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  • SIGTARP REPORT | A PROPOSAL TO BRING ACCOUNTABILITY TO THE “INSULATED CEO” aka BANKERS

    LETTER FROM THE SPECIAL INSPECTOR GENERAL In an exciting time of presidential transition, the American people can count on SIGTARP to remain the same, as an independent watchdog and law enforcement agency. No one – Republican or Democrat – wants taxpayer money lost to crime or waste. No one wants those who break the law […]

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  • SIGTARP moves to hold top brass accountable for bad bank behavior

    Housing Wire- Former Wells Fargo CEO John Stumpf and other Wells Fargo executives could still facecriminal charges over how much the bank’s management knew about the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses. If Stumpf and other Wells Fargo execs end up […]

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  • Jamie Dimon Now Has 25 Billion More Reasons To Be With Her

    Deal Breaker- One potentially major snafu in this deal would perhaps occur in the first 100 days of the Trump Administration. According to the venal New York City-based contractor himself, any attempt by a massive telecom/media firm to merge with another massive media/entertainment firm would create a behemoth potentially unfair to the American consumer, and […]

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  • MORTGAGE MESS NEARLY COSTS LADY HER HOME

    ABC7NY- “I literally thought I was going to have a heart attack.” Paterson homeowner, Tana McPherson, couldn’t figure out why she was slapped with a tax lien on her condo, but there it was in black and white. “It’s shocking to get something in the mail like that especially when you work every day and […]

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  • Mortgage mistake nearly leads to foreclosure

    KMOV.com KMOV- A mortgage mistake nearly cost a St. Charles County woman her condo. Kathleen Rasmussen claims she paid Texas based Nationstar each month. “I don’t want to lose the roof over my head, I should not be in foreclosure.” Rasmussen provided News 4 with letters from Nationstar along with returned checks intended to pay […]

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  • Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal

    The Office of the Comptroller of the Currency sent formal letters to banks earlier this month WSJ- The Office of the Comptroller of the Currency earlier this month sent formal letters to large and regional banks seeking information about sales practices and incentive-compensation structures following the Wells Fargo & Co. scandal, people familiar with the […]

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  • Obama’s DOJ Funding Progressive Non-Profits | Peter Schweizer discusses new GAI report with Maria Bartiromo

    GAI President discloses some of the findings from GAI’s year long investigation into the ways the Obama Justice Department is funding progressive non-profits engaged in political activity

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  • DOJ Settlements | Peter Schweizer talks about new GAI report with Megyn Kelly

    GAI’s President discusses the new GAI report on how liberal non-profit groups were funded through DOJ settlements with financial institutions

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  • Moody’s says DoJ preparing complaint alleging rating violations

    Reuters- Moody’s Corp (MCO.N), parent of ratings agency Moody’s Investor Services, said on Friday the U.S. Justice Department was preparing a civil complaint against the company, alleging violations of federal law in the run-up to the financial crisis. The complaint alleges Moody’s violated the Financial Institutions Reform, Recovery and Enforcement Act while rating residential mortgage-backed […]

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  • Sales Tactic at Center of Wells Fargo Scandal Is Industry Standard

    Grow your book of business!! Morning Consult- The sales practices that led Wells Fargo & Co. to a massive fraud scandal are ingrained at other banks, analysts say. Cross-selling, the practice of encouraging customers to open multiple accounts, is common at big banks even though some, like Bank of America Corp., are distancing themselves from the sales culture behind […]

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  • FHA Paid Claims ($2.23 billion) for an Estimated 239,000 Properties That Servicers Did Not Foreclose Upon or Convey on Time

    DATE PUBLISHED: Friday, October 14, 2016 PUBLICATION/REPORT TYPE: Audit Reports REPORT NUMBER: 2017-KC-0001 PROGRAM AREA(S): Federal Housing Administration (FHA), Single Family Housing STATE: District of Columbia FUNDING:  SUMMARY: The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited HUD to determine whether it paid servicers’ claims for properties that did not […]

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  • Suit blames Wells Fargo foreclosure response for bankrupt law firm’s financial predicament on WF’s delay in correcting “robosigning” problems

    Aba Journal- A bankrupt New Jersey foreclosure law firm has filed a lawsuit blaming part of its financial predicament on Wells Fargo’s delay in correcting “robosigning” problems. The Oct. 14 suit (PDF) filed by Zucker, Goldberg & Ackerman claims Wells Fargo was slow to correct foreclosure procedures involving robosigning of documents and foreclosure notices that […]

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  • Australia | Banks ordered to review mortgage fraud

    The Australian- The banking regulator has ordered the major banks to have their fraud systems externally reviewed, amid concerns mortgages are being sold on inflated incomes and generous living expense assumptions. Appearing before the Senate Economics Legislation Committee, Australian Prudential Regulation Authority chairman Wayne Byres revealed the regulator had informed the “largest institutions” to get […]

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  • California launches criminal probe into Wells Fargo account scandal

    Reuters- The California Attorney General’s Office has launched a criminal investigation into Wells Fargo (WFC.N) over allegations it opened millions of unauthorized customer accounts and credit cards, according to a seizure warrant seen by Reuters. Attorney General Kamala Harris authorized a seizure warrant against the bank that seeks customer records and other documents, saying there […]

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  • Letter warned Wells Fargo of ‘widespread’ fraud in 2007

    Count On 2- Former Wells Fargo CEO, John Stumpf, told congress under oath that he was not notified of a serious fake account problem until 2013. However, CNNMoney has obtained a 2007 letter addressed to Stumpf that warned of widespread “unethical (and illegal) activity” inside Wells Fargo and the “routine deception and fraudulent exploitation of our […]

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  • Former Federal Investigator Says Government Didn’t Investigate Wells Fargo Whistleblower Cases

    NBC Bay Area- Six years ago, two Wells Fargo employees filed whistleblower complaints with the federal government. They sent their cases to the Department of Labor’s Whistleblower Protection Program, which is administered by the Occupational Health and Safety Administration. But an investigator who reviewed cases for the agency says no one actually investigated the complaints. […]

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  • Couple loses foreclosure battle, Bank had different set of books

    Different Set of Books!!! WFTV-9 An Apopka couple is being kicked out of their home after losing an eight-year foreclosure battle in court. The couple’s own records show they never missed making a mortgage payment, but their lender had a different set of books that showed otherwise. Action 9’s Todd Ulrich investigated how this happened, […]

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  • How Wall St. Regulation Pushed Up Libor, and Borrowing Costs

    NYT- Is there any significance to the fact that a short-term interest rate has nearly tripled in the last year, to 0.86 percent from 0.32 percent? The short answer, of course, is yes. But the more interesting answer involves what the change in the so-called three-month London Interbank Offered Rate, or Libor, says about the […]

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  • $25-billion foreclosure settlement was a victory for Kamala Harris in California, but it wasn’t perfect

    “It’s clear that they were writing off loans that were essentially dead,” said economist Laurie Goodman, co-director of the Urban Institute’s Housing Finance Policy Center. LA Times- State Atty. Gen. Kamala Harris was showered with applause at February’s California Democratic Party convention after spelling out how she went up against the nation’s five largest mortgage firms to help […]

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  • Ohio to suspend doing business with Wells Fargo

    AP- Ohio’s Republican Gov. John Kasich announced Friday that he was suspending Wells Fargo from doing business with state agencies, and excluding the bank from participating in any state bond offerings. Kasich’s announcement follows similar moves by the state treasurers of California and Illinois and the cities of Seattle and Chicago, which said earlier this […]

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  • Elizabeth Warren Wants President Obama to Fire His SEC Chair

    In an extraordinary letter, Warren highlighted several critical shortcomings at the Wall Street oversight agency.  For many months, Senator Elizabeth Warren has been castigating Securities and Exchange Commission chair Mary Jo White during hearings, media appearances, and in letters to the agency. Friday morning, Warren finally asked President Obama to replace her. In a strongly […]

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  • The Most Important WikiLeaks Revelation Isn’t About Hillary Clinton

    What John Podesta’s emails from 2008 reveal about the way power works in the Democratic Party. The most important revelation in the WikiLeaks dump of John Podesta’s emails has nothing to do with Hillary Clinton. The messages go all the way back to 2008, when Podesta served as co-chair of President-elect Barack Obama’s transition team. […]

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  • Graham Fisher & Co | JPMorgan: Out of Control Full Report

    Published with permission Joshua Rosner 646/652-6207 jrosner@graham-fisher.com JPMorgan Chase: Out of Control – Executive Summary In this report we will focus on the risk management and internal control environment at JPMorgan Chase, a bank whose balance sheet is almost one-ninth the size of the United States economy. JPMorgan’s financial filings, its “Task Force” investigation of […]

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  • Move Over WF … JPMorgan CFO says her bank has cross-selling issues as well

    Jamie Dimon himself predicted lawmakers would look into his bank as well. CNBC- JPMorgan CFO Marianne Lake said Friday that her bank is conducting a “deep dive” into potential cross-selling issues.  “I’ve found no systemic issues,” she said. Lake, however, explained that “it’s impossible to have zero defects,” acknowledging that there have been some instances of […]

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  • BREAKING! Wells Fargo CEO Stumpf retires effective immediately; Tim Sloan to take over

    CNBC- Wells Fargo said on Wednesday that Chairman and CEO John Stumpf will retire effective immediately in the wake of a sales practice scandal at the bank. The company’s board of directors elected President and Chief Operating Officer Tim Sloan to succeed him as CEO, while Lead Director Stephen Sanger will serve as the board’s […]

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  • Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices

    KUOW- The City of Seattle is breaking ties with Wells Fargo after revelations that the bank opened accounts nationwide without the knowledge of the account holders. Seattle city leaders were considering taking out a $100 million loan from Wells Fargo to cover a Seattle City Light bond. In a letter Friday, city leaders say they’re […]

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  • CIFG Wants Chance To Pursue $100M Bear Stearns CDO Suit

    Law360- CIFG Assurance North America Inc. told a New York state appeals court Tuesday that it should be allowed to make a case that it was acting as an insurer when it suffered more than $100 million in losses in a fraudulent collateralized debt obligations scheme by Bear Stearns, which J.P. Morgan Securities LLC acquired […]

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  • Religious investors lose faith in Wells Fargo after scandal

    Reuters- A group of nuns and other religiously-affiliated investors have lost faith in embattled Wells Fargo & Co and filed a shareholder resolution calling on the bank to report on the root causes of a fake accounts scandal that led to a $190 million settlement struck with regulators last month. The faith-based investors say they […]

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  • Hillary Should Ask Jamie Dimon What Kind of Genius Loses $6.2 Billion

    Excellent article by Wall Street on Parade- Yesterday, building on the momentum afforded her by a series of articles in the New York Times, Hillary Clinton asked the audience at a campaign stop in Toledo, Ohio: “What kind of genius loses a billion dollars in one year.” Clinton was referring to the New York Times […]

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  • Freddie Mac Sells $1 Billion of Seriously Delinquent Loans

    MCLEAN, VA–(Marketwired – Oct 5, 2016) –  Freddie Mac (OTCQB: FMCC) today announced it sold via auction 5,364 deeply delinquent non-performing loans (NPLs) from its mortgage-related investments portfolio. The loans are currently serviced by either Wells Fargo Bank, N.A. or Ditech Financial, LLC. The transaction is expected to settle in December 2016, and servicing will be […]

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  • Fannie Mae, Freddie Mac Investors Win Round Against Government

    Fortune – Government ordered to turn over thousands of documents. Investors challenging the legality of the government’s effective nationalization of Fannie Mae and Freddie Mac in August 2012 appear to be making some headway with at least one of the two key trial judges presiding over the sprawling, $130 billion litigation stemming from that event. […]

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  • Payday Loan Group Slapped With Record $1.3B Fine for 700 Percent Lending Rates

    NBC News- A federal judge in Nevada said professional racecar driver Scott Tucker and several of his companies owe $1.27 billion to the Federal Trade Commission after systematically deceiving payday lending customers about the cost of their loans. In one example, lending documents indicated that a customer who borrowed $500 would only have a finance […]

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  • Branch Banking & Trust Company Agrees to Pay $83 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending

    FOR IMMEDIATE RELEASE Thursday, September 29, 2016 Branch Banking & Trust Company Agrees to Pay $83 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending Branch Banking & Trust Company (BB&T) has agreed to pay the United States $83 million to resolve allegations that it violated the False Claims Act by […]

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  • Wells Fargo whistleblower Yesenia Guitron says she flagged fraud years ago

    CBS- Illinois is now the second state to punish Wells Fargo for its phony accounts scandal. On Monday the state joined California in suspending investment activitywith the bank for a year. Wells Fargo CEO John Stumpf has claimed he first heard about the creation of fake accounts in 2013, but only on “CBS This Morning,” one whistleblower […]

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  • Jamie Dimon on Wells Fargo: whenever a bank runs into trouble, lawmakers look into the policies of everyone else in the industry as well

    Business Insider- JPMorgan Chase CEO Jamie Dimon on Monday weighed in on the recent Wells Fargo scandal. In an interview with CNBC, Dimon said Wells Fargo CEO John Stumpf is a “quality human being,” so he wouldn’t comment extensively on the recent scandal involving the opening of 2 million credit and debit card accountswithout the […]

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  • MA Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers

    COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE SECRETARY OF THE COMMONWEALTH SECURITIES DIVISION ONE ASHBURTON PLACE, ROOM 1701 BOSTON, MASSACHUSETTS 02108 IN THE MATTER OF: MORGAN STANLEY SMITH BARNEY LLC, RESPONDENT. Docket No. E-2016-0055 ADMINISTRATIVE COMPLAINT I. PRELIMINARY STATEMENT The Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth […]

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  • Strange Deaths of JPMorgan Workers Continue

    Wall Street on Parade- Last Thursday, September 22, 2016, the body of Ann Korkki, a Senior Administrative Assistant in the Wealth Management division of JPMorgan Chase in Denver, Colorado was found with the body of her sister, Robin Korkki, inside their luxury vacation villa at the Maia Resort on Seychelles, an island in the Indian […]

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  • DOJ Reaches $4 Million Settlement with Wells Fargo Dealer Services for Illegally Repossessing Servicemembers’ Cars

    FOR IMMEDIATE RELEASE Thursday, September 29, 2016 Justice Department Reaches $4 Million Settlement with Wells Fargo Dealer Services for Illegally Repossessing Servicemembers’ Cars The Justice Department announced today that Wells Fargo Bank N.A., doing business as Wells Fargo Dealer Services, has agreed to change its policies and pay over $4.1 million to resolve allegations that […]

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  • OCC Assesses $20M Penalty Against Wells Fargo; Orders Restitution for Violations of the Servicemembers Civil Relief Act

    NR 2016-119 FOR IMMEDIATE RELEASE September 29, 2016 Contact: Bryan Hubbard (202) 649-6870 OCC Assesses Penalty Against Wells Fargo; Orders Restitution for Violations of the Servicemembers Civil Relief Act WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $20 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank […]

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  • Italy’s Banks Look to an Unlikely Savior: Jamie Dimon

    It is no surprise that the Italians have turned to JPMC and Dimon to shift a half billion euros off their balance as they are experts in this fraud as outlined in loans sold to investors. WSJ- After repeated efforts to salvage Italy’s most troubled banks, the country’s government is leaning on an unlikely would-be […]

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  • California Suspends ‘Business Relationships’ With Wells Fargo

    Bloomberg – California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 months. A “permanent severance” will occur if […]

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  • Wells Fargo slammed with multiple lawsuits over fake accounts & bogus sales

    RT- Six former Wells Fargo employees filed a class action lawsuit in federal court against the bank claiming they were demoted or fired when they refused to participate in the bank’s illegal practices of opening fake accounts. The lawsuit is the just the latest of allegations surrounding fraudulent practices which have mostly revolved around the […]

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  • Wiping out housing’s ‘zombies’: Banks sell off foreclosed remnants of crash

    CNBC- Halloween isn’t here just yet, but the zombies are already multiplying by the thousand — zombie foreclosures. After having left the worst remnants of the housing crash in foreclosure limbo-land, banks are now taking those vacant, foreclosed homes and selling them at a fast clip. They are the so-called zombie foreclosures. The result is […]

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  • In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

    NYT- John Stumpf, the chairman and chief executive of Wells Fargo, won a dubious achievement award from one of his interrogators during Tuesday’s scorching hearings on Capitol Hill. The bank’s yearslong practice of opening bogus accounts for customers and charging fees to do so, said Senator Jon Tester, Democrat of Montana, had united the Senate […]

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  • Mortgage-servicer faces allegations of foreclosure fraud

    WMC Action News 5 – Memphis, Tennessee WMC Action News 5 – A Shelby County Circuit Court lawsuit and government records revealed a pattern of fraud allegations against mortgage-servicing company Nationstar Mortgage. The WMC Action News 5 Investigators launched an investigation of the Dallas-based mortgage-servicer after it foreclosed on the Cordova, Tennessee, home of Linda Howard. […]

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  • Surviving the Zombie [Foreclosure] Apocalypse

      JD SUPRA- Preparing For A World When Lis Pendens Protections Are All But Ober “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given in response to a new appellate ruling blunting the protections of Florida’s lis pendens statute, signals […]

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  • How Big Banks Dump Their Defaulted Mortgages

    The New York Times published an article discussing the ramifications of the Big Banks selling their non-performing mortgages to third parties like private equity funds before the financial crisis. Make no mistake about it, the Big Banks sold these loans to third parties so they would no longer have to properly serve nonperforming federally related […]

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  • Suit After Saddled With Bad Chase Mortgages

    A Florida man who bought defaulted home loans from J.P. Morgan Chase, then worked with borrowers to avoid foreclosure, sued the bank for allegedly saddling him with bad mortgages it needed to get off its books as the country’s housing crisis deepened. Laurence Schneider, of Boca Raton, filed the suit for punitive damages on Christmas […]

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  • Accused Whistle-Stealer Can’t Fight in Federal

    From the Courthouse News A man who says that a Florida lawyer exploited his insight to obtain an $18 million settlement for herself can sue for malpractice in state court, a federal judge ruled. Ignacio Figueroa had filed the complaint in Broward County, but the defendant lawyers later removed the case to the U.S. District […]

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  • Whistleblower Lynn Szymoniak, Accused Shyster

    In simple terms: If a client leads an attorney to a rabbit hole and that attorney, while in the rabbit hole, comes across buried treasure, the attorney has a fiduciary and ethical responsibility to hand it over to the client — at least the lion’s share. In this case however, Figueroa drew Szymoniak a map, […]

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  • Some of Lynn Szymoniak’s Millions May Belong to Someone Else

    Mandelman Matters Without question, the Lynn Szymoniak Story became the happiest ending to a foreclosure tale ever imagined… the sort of story that Frank Capra would have brought to the silver screen during the 1930s… the everywoman triumphing over seemingly insurmountable odds… from rags to riches. Like instead of “It’s a Wonderful Life,” perhaps: “Ms. […]

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